Recently, in Artesanias Hacienda Real S.A. De C.V. v. North Mill Capital, LLC; Leisawitz Heller, the Third Circuit held that creditors can pursue claims of the bankruptcy estate that have been abandoned by the trustee. Although the plaintiff, Artesanias, had Article III standing to pursue certain claims, because these claims were derivative of harm
Chris Glenos is a creditor's rights attorney with extensive experience in complex insolvency and bankruptcy-related litigation. He routinely represents creditor clients in commercial litigation, fraudulent transfer and preference actions, contested bankruptcy matters, lender liability claims, commercial foreclosures, executions, replevin actions and prejudgment seizures. Chris has also successfully represented lender clients in numerous complex workouts and restructurings outside of court.
In a potentially ground-breaking decision, Judge David R. Jones of the United States Bankruptcy Court for the Southern District of Texas temporarily enjoined the Small Business Administration (SBA) from denying a Paycheck Protection Program (PPP) loan to Hidalgo County Emergency Service Foundation due solely to its status as a Chapter 11 debtor in bankruptcy. While…
The coronavirus pandemic is affecting businesses large and small. Now is the time for lenders to prepare for its effect on business borrowers.
Industries Already in Distress
In February, a PricewaterhouseCoopers (PwC) report identified five industry sectors likely to see the greatest restructuring activity in 2020:
- Dining and food service
- Auto suppliers